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First Capital Research June 2019 quarter earnings down by 10.4%

Daily Mirror | 10 Sept 2019 

First Capital Research’s June 2019 quarter recurring earnings dropped by 10.4%YoY for 271 companies. On a recurring basis June 2019 quarter earnings plunged by 10.4%YoY as subdued performance in banking (-20%YoY), consumer services (-92%YoY) and telecommunications (-27%YoY) sectors negated the positive performance of food, beverage and tobacco (+121%YoY) and diversified financials (+35%YoY) sectors.

However, total earnings for the quarter registered a growth of +18%, as earnings was augmented by one off gain witnessed in Browns Investments (BIL) and LOLC mounting the food, beverage and tobacco and diversified financial sector earnings.

The one off gain made in food, beverage and tobacco, diversified financials and insurance sectors outweighed the overall subdued performance witnessed in the economy. Food, beverage and tobacco sector earnings registered a noteworthy growth of +121%YoY to Rs 21.9 bn primarily owing to BIL. Bargain purchase owing to negative goodwill led to Rs 13.5 bn gain in BIL bolstering earnings to Rs 13 bn (+2283%YoY) as opposed to Rs 596. mn loss in comparative previous year. Diversified Financial sector earnings registered a +35%YoY growth to Rs 12.8 bn supported by LOLC. LOLC recorded a gain of Rs 5.2 bn resultant from acquisition and divestment of group’s investments pushing the earnings to register a +190%YoY growth to Rs 7.5 bn as opposed to Rs 2.6 bn in comparative same period.

 First Capital is an investment bank offering services as Stock Brokers in Sri Lanka. The Company acts as a conduit between retail and institutional clients and the secondary market of the Colombo Stock Exchange. First Capital’s best-in-class research team provide a series of actionable trade recommendations, daily and periodic market commentaries and publications for Stock Brokers in Sri Lanka

First Capital is an investment bank providing a full range of financial advisory and services. The Company’s research deliver heightened perspective in fundamental research aiding Share Market Investment in Sri Lanka. The Company’s best-in-class research team provide dynamic reports including economic reviews and proprietary research, encompassing fundamental, quantitative and technical analysis. With fundamental research coverage of 62 listed securities (reflecting approximately 65% market capitalization) across 15 sectors in Share Market Investment in Sri Lanka.

Hiruni Perera, Senior Research Analyst at First Capital commenting on the bond and share market performance – 16.09.2019

Stock Brokers in Sri lanka

“In the bond market yield curve remained broadly unchanged during the day while overall market witnessed limited activities with low volumes. Share market ended in green for the second straight session on the gains made by MELS and BUKI…..” Hiruni Perera , Senior Research Analyst at First Capital commenting on the bond and share market performance  #CSE #CBSL  #lka

Hiruni Perera, at First Capital on the bond and share market performance – 16.09.2019

First Capital is an investment bank providing a full range of financial advisory and services. The Company’s research deliver heightened perspective in fundamental research aiding Share Market Investment in Sri Lanka. The Company’s best-in-class research team provide dynamic reports including economic reviews and proprietary research, encompassing fundamental, quantitative and technical analysis. With fundamental research coverage of 62 listed securities (reflecting approximately 65% market capitalization) across 15 sectors in Share Market Investment in Sri Lanka.

First Capital Holdings PLC is an investment bank and is the pioneer non-bank affiliated Primary Dealer in Treasury Bills and Bonds in Sri Lanka. With a track record of over 25 years, the Company was the first licensed primary dealer appointed by the Central Bank, and is also the only listed and rated primary dealer in Treasury Bills and Bonds in Sri Lanka.

First Capital delivers the only source for fixed income research in the local financial services industry. The Company’s best-in-class research team provide dynamic reports including economic reviews and proprietary research, encompassing fundamental, quantitative and technical analysis.

 

Dimantha Mathew, Head of Research at First Capital commenting on the bond and equity market performance – 11.09.2019

Sharemarket in Sri Lanka

Dimantha Mathew, Head of Research at First Capital commenting on the bond and equity market performance  #CSE #CBSL #lka.

First Capital is an investment bank providing a full range of financial advisory and services. The Company’s research deliver heightened perspective in fundamental research aiding Share Market Investment in Sri Lanka. The Company’s best-in-class research team provide dynamic reports including economic reviews and proprietary research, encompassing fundamental, quantitative and technical analysis. With fundamental research coverage of 62 listed securities (reflecting approximately 65% market capitalization) across 15 sectors in Share Market Investment in Sri Lanka.

First Capital Holdings PLC is an investment bank and is the pioneer non-bank affiliated Primary Dealer in Treasury Bills and Bonds in Sri Lanka. With a track record of over 25 years, the Company was the first licensed primary dealer appointed by the Central Bank, and is also the only listed and rated primary dealer in Treasury Bills and Bonds in Sri Lanka.
First Capital delivers the only source for fixed income research in the local financial services industry. The Company’s best-in-class research team provide dynamic reports including economic reviews and proprietary research, encompassing fundamental, quantitative and technical analysis.

Amanda Lokugamage, Senior Research Analyst at First Capital commenting on the bond and equity market performance – 09.09. 2019

Investment in Sri Lanka

Amanda Lokugamage, Senior Research Analyst at First Capital commenting on the bond and  equity market performance

First Capital is an investment bank providing a full range of financial advisory and services. The Company’s research deliver heightened perspective in fundamental research aiding Share Market Investment in Sri Lanka. The Company’s best-in-class research team provide dynamic reports including economic reviews and proprietary research, encompassing fundamental, quantitative and technical analysis. With fundamental research coverage of 62 listed securities (reflecting approximately 65% market capitalization) across 15 sectors in Share Market Investment in Sri Lanka.

First Capital Holdings PLC is an investment bank and is the pioneer non-bank affiliated Primary Dealer in Treasury Bills and Bonds in Sri Lanka. With a track record of over 25 years, the Company was the first licensed primary dealer appointed by the Central Bank, and is also the only listed and rated primary dealer in Treasury Bills and Bonds in Sri Lanka.
First Capital delivers the only source for fixed income research in the local financial services industry. The Company’s best-in-class research team provide dynamic reports including economic reviews and proprietary research, encompassing fundamental, quantitative and technical analysis.

Atchuthan Srirangan, Assistant Manager – Research at First Capital commenting on the bond and equity market forecast – 08.09.2019

“We expect bond yields to be volatile during the coming week with selling pressure in the foreign side continuing amidst lower level of local buying. Equity market to be weak in the upcoming week as well with the market correction with the weak investor sentiment….………”

Atchuthan Srirangan , Assistant Manager – Research at First Capital commenting on the bond and equity market forecast – 08.09.2019 

First Capital is an investment bank offering services as Stock Brokers in Sri Lanka. The Company acts as a conduit between retail and institutional clients and the secondary market of the Colombo Stock Exchange. First Capital’s best-in-class research team provide a series of actionable trade recommendations, daily and periodic market commentaries and publications for Stock Brokers in Sri Lanka.

First Capital Holdings PLC is an investment bank and is the pioneer non-bank affiliated Primary Dealer in Treasury Bills and Bonds in Sri Lanka. With a track record of over 25 years, the Company was the first licensed primary dealer appointed by the Central Bank, and is also the only listed and rated primary dealer in Treasury Bills and Bonds in Sri Lanka.
First Capital delivers the only source for fixed income research in the local financial services industry. The Company’s best-in-class research team provide dynamic reports including economic reviews and proprietary research, encompassing fundamental, quantitative and technical analysis.

 

Dimantha Mathew, Head of Research at First Capital commenting on the bond and equity market performance – 02.09.2019

Sharemarket Investment in Sri Lanka

Dimantha Mathew, Head of Research at First Capital commenting on the bond and equity market performance – 02.09.2019 #CSE #CBSL #lka.

First Capital is an investment bank offering services as Stock Brokers in Sri Lanka. The Company acts as a conduit between retail and institutional clients and the secondary market of the Colombo Stock Exchange. First Capital’s best-in-class research team provide a series of actionable trade recommendations, daily and periodic market commentaries and publications for Stock Brokers in Sri Lanka.

First Capital Holdings PLC is an investment bank and is the pioneer non-bank affiliated Primary Dealer in Treasury Bills and Bonds in Sri Lanka. With a track record of over 25 years, the Company was the first licensed primary dealer appointed by the Central Bank, and is also the only listed and rated primary dealer in Treasury Bills and Bonds in Sri Lanka
First Capital delivers the only source for fixed income research in the local financial services industry. The Company’s best-in-class research team provide dynamic reports including economic reviews and proprietary research, encompassing fundamental, quantitative and technical analysis.

Atchuthan Srirangan, Assistant Manager – Research at First Capital commenting on the bond and equity market performance – 28.08.2019

Invest in Sri Lanka

Atchuthan Srirangan, Assistant Manager – Research at First Capital commenting on the bond and equity market performance

First Capital is an investment bank offering services as Stock Brokers in Sri Lanka. The Company acts as a conduit between retail and institutional clients and the secondary market of the Colombo Stock Exchange. First Capital’s best-in-class research team provide a series of actionable trade recommendations, daily and periodic market commentaries and publications for Stock Brokers in Sri Lanka.

First Capital Holdings PLC is an investment bank and is the pioneer non-bank affiliated Primary Dealer in Treasury Bills and Bonds in Sri Lanka. With a track record of over 25 years, the Company was the first licensed primary dealer appointed by the Central Bank, and is also the only listed and rated primary dealer in Treasury Bills and Bonds in Sri Lanka
First Capital delivers the only source for fixed income research in the local financial services industry. The Company’s best-in-class research team provide dynamic reports including economic reviews and proprietary research, encompassing fundamental, quantitative and technical analysis.

Atchuthan Srirangan, Assistant Manager – Research at First Capital commenting on the bond and equity market performance – 26.08.2019

Treasury Bills and Bonds Sri Lanka

“With the commencement of the week, the secondary market yield curve remained broadly unchanged with limited activities and low volumes. Stock market retained the apathetic trading sentiment for the fourth trading session dragged down by HHL and BUKI……………”

Atchuthan Srirangan, Assistant Manager – Research at First Capital commenting on the bond and equity market. 

First Capital is an investment bank offering services as Stock Brokers in Sri Lanka. The Company acts as a conduit between retail and institutional clients and the secondary market of the Colombo Stock Exchange. First Capital’s best-in-class research team provide a series of actionable trade recommendations, daily and periodic market commentaries and publications for Stock Brokers in Sri Lanka.

First Capital Holdings PLC is an investment bank and is the pioneer non-bank affiliated Primary Dealer in Treasury Bills and Bonds in Sri Lanka. With a track record of over 25 years, the Company was the first licensed primary dealer appointed by the Central Bank, and is also the only listed and rated primary dealer in Treasury Bills and Bonds in Sri Lanka
First Capital delivers the only source for fixed income research in the local financial services industry. The Company’s best-in-class research team provide dynamic reports including economic reviews and proprietary research, encompassing fundamental, quantitative and technical analysis.

T-Bill yields rise for second consecutive week

Ceylon Today | 23 Aug 2019

By First Capital Research

Weekly yield movement & Volume

During the week, secondary market witnessed selling interest from both local and foreign counter parties, except on Tuesday (20), which saw buying interest across the board. Moreover, on 21 Wednesday, prior to the bill auction, market witnessed buying interest in certain maturities, resulting in yields reaching intraday lows.

However, subsequent to the bill auction outcome, the market witnessed selling interest leading to downward movement in yields while closing at their intraday highs.

At the weekly primary bill auction, weighted average yields were seen increasing across the board compared to the last week. The three-month bill was accepted at a weighted average of 7.84 per cent, while the six-month was accepted at 7.89 per cent after a lapse of one week. Furthermore, the market favourite one-year bill increased by 14bps to be accepted at a weighted average of 8.31 per cent.

During the week, short-term maturities fell by 10-35bps, and mid tenors came down by 1-8bps, while on the long end of the curve, yields dipped by 5-10bps amidst the overall market witnessing moderate volumes.

Liquidity & CBSL Holdings

Market liquidity continued to remain positive throughout the week to close at LKR 22.5Bn. CBSL holdings declined towards the end of the week to record at LKR 82.9Bn relative to LKR 106.1Bn held at the beginning of the week.

Foreign Interest

Foreign holding in Government Securities remained almost stable at LKR 136.5Bn levels while foreign holding percentage also maintained at 2.5 per cent.

Maturities for next week

The Government Security Market needs to settle a treasury bill maturity amounting to LKR 12.2Bn and a coupon payment of LKR 22.7Bn during the week ending 30 August 2019.

Daily Summary

Thursday (15.08.19): In the secondary bond market, yield curve shifted upwards amidst the selling interest from both local and foreign counterparties while the overall market witnessed moderate volumes. Foreign selling was mainly centred on [01.08.21], [15.05.23], [15.12.23] and [15.06.24] maturities with its yields trading at 8.73 per cent, 9.58-9.60 per cent, 9.70-9.75 per cent and 9.82-9.91 per cent respectively. Moreover, in the long end of the curve, [15.01.27] saw its yields trading between 10.05-10.10 per cent.

Friday (16.08.19): Secondary market yield curve edged slightly upwards with both local and foreign selling on selected maturities, while the overall market witnessed moderate volumes. Foreign selling was seen on the short end of the yield curve, with [01.05.21], [01.08.21], [15.10.21] and [15.12.21] trading at the day’s high of 8.75 per cent, 8.78 per cent, 8.95 per cent and 8.90 per cent, respectively. Both local and foreign selling was seen on [15.03.23] and [15.07.23] both at 9.70 per cent, [15.12.23] at 9.75 per cent and [15.06.24] at 9.95 per cent. In addition, selling interest was seen on long tenure maturities, with [01.08.26] at 10.00-10.06 per cent levels, while [15.01.27] changed hands at 10.05-10.15 per cent levels.

Monday (19.08.19): The secondary bond market witnessed continuous foreign selling interest, resulting in the overall yield curve shifting upwards amidst the market witnessing high volumes. With selling interest, short tenor [01.05.21] and [01.08.21] both reached an intra-day high of 9.15 per cent, while [15.12.21] saw its yields increasing to a day’s high of 9.20 per cent.

Tuesday (20.08.19): Reversing the selling interest witnessed the secondary market yield curve saw buying interest across the board while overall market witnessed moderate volumes ahead of weekly T-bill auction.

On the short end of the yield curve buying interest was seen on [01.05.21], [01.08.21] and [15.10.21] trading at 9.02 per cent, 9.00 per cent and 9.10 per cent, respectively. Mixed activity was seen on [01.07.22] changing hands at 9.45-9.30 per cent levels with foreign selling and local buying. Buying interest was also seen on the three 2023 maturities, [15.03.23], [15.07.23] and [15.12.23], trading at day’s low of 9.65 per cent, 9.69 per cent and 9.80 per cent, respectively; in addition, [15.03.24] and [15.06.24] traded at 10.02-9.90 per cent levels.

Wednesday (21.08.19): Prior to the bill auction, the secondary bond market witnessed buying interest resulting in short tenor maturities [01.05.21], [01.08.21] and [15.12.21] reaching intraday lows of 8.85 per cent, 8.90 per cent and 8.95 per cent, respectively. Furthermore, amidst buying, mid tenor [01.07.22] traded at 9.25 per cent, [15.07.23] at 9.60 per cent and both [15.03.24] and [15.06.24] at 9.90 per cent.

However, subsequent to the weekly bill auction outcome, where the one-year bill was seen further increasing by 14bps to 8.31 per cent from 8.17 per cent, the secondary market witnessed selling interest resulting in yields of [01.05.21] reaching 8.95 per cent, while [15.07.23] traded at 9.70-9.75 per cent levels.

Accordingly, the overall yield curve at the end of the day remained broadly unchanged, with the market witnessing low activity levels with thin volumes.

Dimantha Mathew, Head of Research at First Capital commenting on the bond and equity market performance – 22.08.2019

Invest in Sri Lanka

Dimantha Mathew, Head of Research at First Capital commenting on the bond and equity market performance

First Capital is an investment bank offering services as Stock Brokers in Sri Lanka. The Company acts as a conduit between retail and institutional clients and the secondary market of the Colombo Stock Exchange. First Capital’s best-in-class research team provide a series of actionable trade recommendations, daily and periodic market commentaries and publications for Stock Brokers in Sri Lanka

First Capital Holdings PLC is an investment bank and is the pioneer non-bank affiliated Primary Dealer in Treasury Bills and Bonds in Sri Lanka. With a track record of over 25 years, the Company was the first licensed primary dealer appointed by the Central Bank, and is also the only listed and rated primary dealer in Treasury Bills and Bonds in Sri Lanka
First Capital delivers the only source for fixed income research in the local financial services industry. The Company’s best-in-class research team provide dynamic reports including economic reviews and proprietary research, encompassing fundamental, quantitative and technical analysis